Centrica drops plans for second offshore UK gas storage project

Centrica has decided not to proceed with a planned new gas storage project at the largely depleted Baird field in the UK southern North Sea.

Offshore staff

WINDSOR, UK – Centrica has decided not to proceed with a planned new gas storage project at the largely depleted Baird field in the UK southern North Sea.

This follows the government’s announcement earlier in the month ruling out intervention in the market to encourage building of additional gas storage capacity, despite the impact on stocks of severe weather last winter.

Centrica acquired a 70% stake in theBaird gas storage project from Perenco in 2009.

The company will continue to own and operate the offshore Rough facility in the same region, the UK’s largestgas storage facility, capable of meeting around 10% of the UK’s current peak demand.

9/24/2013

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